Toyota’s stock hit an all-time high in trading in Tokyo overnight.Small wonder. The largest Japanese car company watched its operating profits rise 44% in the most recently announced quarter. Toyota said that sales in Europe and the US of fuel-efficient cars like the Camry helped its results. Of course, Detroit relies on SUVs and pick-ups for most of its profits. These have fallen out of favor as fuel prices rise.Leaving aside the fact that at $215 billion, Toyota’s market cap is as large as the next four most valuable car companies combined and that the company is upping its sales forecasts for the year. The most frightening announcements for the Big Three is that Toyota will start producing and pushing it Tundra pick-up, a move directed at the heart of Detroit’s most lucrative model lines and that it will begin to market additional fuel-efficient cars like its Scion.Toyota will increase production by over 500,000 units next year as it opens new plants in countries like China and Russia.During the first three quarters of 2006, Toyota has increased its market share in the US from 13% last year to 15.2% this year. At that rate, Toyota will have almost 21% of the US market by the end of 2008. Most, if not all of that, would come from US manufacturers.Ouch.
Toyota Kicks Ass And Take Names: 20% Market Share In The US?
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
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